Syngenta: no need for merger sale of ChemChina subsidiary
Swiss seeds and pesticides group to focus on biotech research, while Adama will continue production of generics
Davos — Syngenta, the Swiss pesticides and seeds group being taken over by ChemChina, did not expect antitrust regulators to force the Chinese state-owned company to put its subsidiary Adama up for sale, Syngenta’s CEO said on Tuesday. "Adama will not need to be sold. There will be some remedies in both the US and the EU, but I can’t speak to any details," Erik Fyrwald said on the sidelines of the World Economic Forum in Davos. Unveiling details about Syngenta’s future role in ChemChina for the first time, Fyrwald also said Israel-based Adama, a maker of generic versions of pesticides without patent protection, would not be folded into Syngenta, allowing the Swiss group to focus on research. The companies are working to finalise agreements with regulators in the US and EU about the $43bn takeover, which would be the largest outbound acquisition by a Chinese firm. Sources close to the matter said last week that ChemChina and Syngenta had proposed minor concessions to the EU’s competi...
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